Investors Buy Renovated 3-Room Apartment in Bat Yam Ahead of Tama 38 Project

A 76-square-meter, three-room apartment on Bar Yehuda Street 3 in the southwestern neighborhood of Bat Yam was sold for 1.63 million shekels. The first-floor apartment includes a registered parking spot but no elevator in the building. Recently renovated, the building has just begun a Tama 38/1 urban renewal project that will add a 9-square-meter reinforced security room and a 6-square-meter balcony to the apartment, as well as an elevator to the building. The project is expected to be completed in about two and a half years, with residents continuing to live in the building during construction.

The asking price was initially 1.7 million shekels, and the apartment was on the market for about a month. The sellers had inherited the property, and the buyers are a young couple from Holon purchasing it as an investment. Shiri Noa Hasson, CEO of a real estate agency representing both parties, noted the neighborhood's popularity due to its proximity to the sea and the light rail, as well as its family-friendly environment with schools and urban renewal activity. She estimated the apartment’s value without the Tama 38 project at around 1.57 to 1.58 million shekels.

Hasson also highlighted the current market conditions, mentioning a large supply of second-hand apartments in Bat Yam, with smaller 2.5-room units available for about 1.5 million shekels, some also undergoing urban renewal. She observed growing interest from investors and home improvers taking advantage of market opportunities, despite the market remaining challenging. Hasson uses social media marketing extensively to reach potential buyers, citing a recent penthouse sale via TikTok.

The article also lists recent second-hand apartment sales in other cities such as Petah Tikva, Yokneam, Netanya, Ashkelon, and Kiryat Yam, with prices ranging from 920,000 to 5.35 million shekels, illustrating the broader real estate market trends in the region.